All You Need to Know About a Coworking Space

Now you might be wondering what is a coworking space? Coworking spaces, which were a strange notion ten years ago, have altered the way today's professionals connect with the corporate world. As the prevalence of coworking grows, more and more people are asking, "What is a coworking space?" 

Many such questions come to mind when we talk about coworking spaces. So, we were curious: What is it about coworking spaces that makes them so effective? We did our research and found some interesting facts around the same. We'll cover the fundamentals of a coworking space, how to find a good one, and what sorts of individuals may benefit from this type of place further in the article. Also, we'll walk you through if coworking is the correct choice for you? But, of course, you will never know unless you ask... 

Let us investigate this further.

Coworking Spaces: What Are They?

When you go into a coworking space, you'll realise that it's not like a conventional workplace. When it comes to creating an electrifying mood, the aroma of freshly ground coffee can only come close to that of a room filled with people who are equally energised and thrilled. A major advantage of coworking spaces is that you’ll see a mix of people working hard at private workstations and others engaged in lively discussions at a substantial standard table. This is the coworking space’s culture.

Still wondering what does a coworking space mean? Coworking space means they are communal workstations. They provide economic office space for folks who want to get away from the solitude of a home office or a coffee shop. Hot desks, private conference rooms, kitchens, coffee, and other office-like facilities are available at these shared workplaces. They often provide a sense of community as well. Occupants are generally freelancers, entrepreneurs, startups, and small teams looking for a flexible workspace. These numerous benefits of coworking spaces make them the perfect choice for a lot of young professionals.

Aside from culture, pricing is a significant lure. One of the benefits of these locations is the option to rent precisely what you need rather than a completely private office space, which may be expensive. Costs vary and are flexible with different membership-based structures. There are alternatives for daily or monthly prices. Membership rates vary depending on whether you need a dedicated desk or a shared one.

Who Uses Coworking Space?

FREELANCERS 

Coworking spaces provide freelancers with the best of both worlds: The freedom to work your hours and schedule without feeling alone. As a result, these shared workplaces are ideal for freelancers. For people who would otherwise be compelled to work alone at home or in a coffee shop, a sense of camaraderie is developed.

STARTUPS

The flexibility of coworking spaces is appealing to startups. Coworking spaces do not have the significant fees and obligations associated with typical office leases. They also allow small groups to engage with others in the area. These places may also assist entrepreneurs in finding a co-founder for their startup by bringing together the appropriate individuals at the right moment.

Remote Employees

As more companies embrace remote work, coworking spaces have become an attractive option for remote employees. They provide a dedicated space for remote employees to work and collaborate with others, away from the distractions of home.

Large corporations

Large corporations are also beginning to embrace coworking spaces. They offer corporations a flexible solution for setting up satellite offices or providing employees with a place to work while on the road.

THE IDEA IS SUCCESSIVE

Coworking spaces are an excellent match for these types of small businesses. There is a natural fit between what the venues provide and the aspirations of freelancers and startups.

A group of experts has been examining the benefits of coworking on productivity, and some of their results were recently published in The Harvard Business Review.

Their study found a substantial correlation between workers prospering in these open workplaces and employees thriving in traditional offices. So much so that they decided to investigate coworking spaces further. The study discovered that persons who utilise coworking spaces had distinct views due to their surroundings. Feelings of more meaningful work, greater job control, and a sense of belonging were all associated with coworking spaces.

More Major Organisations Want In

Because coworking spaces work so well for the aforementioned typical groupings, more prominent corporations have recently adopted coworking spaces. In addition, forward-thinking businesses are already using coworking spaces when feasible.

WeWork (which was recently valued at $16 billion) attempts to entice more prominent corporations to its coworking facilities. According to Bloomberg, General Electric, KPMG, and Merck all utilise the area. Some companies, such as KPMG, see the 75 workstations they hire as a strategic asset. KPMG at WeWork is active in business consulting to startups and digital innovation research.

Others see the flexibility given by the spaces as a benefit when it comes to handling real estate and expenditures attached to it. For example, longer leases, which need projecting real estate and company demands, are unnecessary.

The History of Coworking Spaces

The phrase "coworking" has represented a fresh and creative working style. So, it's hardly surprising that the sector increased by approximately 30% between 2013 and 2018. But, much more significant than its historical rise, coworking spaces worldwide are expected to quadruple by 2025. So, how did coworking evolve from a bit of business to one that may account for 30% of all office stock in the United States by the end of the decade?

We need to go back in time to comprehend the future of coworking.

Coworking's origins may be traced back to the mid-1990s

When it comes to coworking spaces, you may be surprised to learn that the lineage is linked in Berlin, Germany, in 1995. You would not expect to learn that the first pseudo-coworking place, C-Base, was founded as a "hackerspace" by 17 computer experts. The purpose of this venue was to serve as a non-profit gathering place for computer enthusiasts, providing them with facilities, equipment, cooperation possibilities, and information.

In 1999, the term "coworking" was coined

Bernard DeKoven, an American game designer, author, speaker, and "joy theorist," coined "coworking" in 1999. But, at the time, he was talking to a manner of working rather than a specific location: his vision for the future of work was based on a desire to promote cooperation and eliminate hierarchy from the professional organisation. While he didn't realise it at the time, he was laying the groundwork for what coworking is today.

In 2002, the first coworking space was opened as you see it, in its current form

Finally, two Austrian entrepreneurs founded what they refer to be the "mother of coworking spaces" in 2002. In Vienna, an abandoned factory was converted into the Schraubenfabrik, where architects, public relations consultants, startups, and freelancers can meet, work together, and get out of the home. Schraubenfabrik's creators would eventually open Rochuspark as well.

In 2005, a coworking space opened in San Francisco

Brad Neuberg established the San Francisco Coworking Location in the city's Mission District on August 9, 2005, to offer a space that combined the independence of working alone with the structure and community of working with others.

It wasn't an easy start, though–no one turned up to work in the facility for the first month. Then, finally, Ray Baxter, an athlete and startup developer, came, becoming the space's first member and, therefore, the world's first formal colleague. After a year, the old location shuttered and replaced The Hat Factory.

The Twitter Hashtag Inventor Opened Another Coworking Space in 2006

In 2006, Chris Messina, the creator of the Twitter hashtag, launched The Coworking Wiki, an open-source internet resource. It eventually helped to link employees all over the globe and assist them in locating coworking spaces in new areas, as well as to help coworking spaces get their reputation out there. This marked the beginning of the worldwide explosion of coworking.

The rest, as they say, is history

For the following seven years, the volume of coworking spaces and joining members nearly doubled.

Many firms began to shift their operations to these shared areas during that period. And in the years after that, many of the world's largest enterprises have had their start in coworking spaces. The number of coworking spaces globally has increased to more than 19,000 in the last 3-4 years, with no signs of slowing down.

Are you curious as to why this business has taken off? Then, let us walk you through the advantages of coworking for companies like yours.

Coworking Evolution: From Sharing Desks to Community Workspaces

Coworking spaces have come a long way since their inception. Today, there are many different methods of coworking, each offering unique advantages and disadvantages of coworking space. Let's take a look at some of the most popular methods of coworking.

Traditional coworking spaces: Traditional coworking spaces offer a shared workspace where members can work and collaborate with others. They offer a range of services, including conference rooms, printing, and networking opportunities.

Private offices: Private offices offer a dedicated workspace for individuals or small teams. They provide the privacy and security of a traditional office, with the benefits of a shared workspace, such as access to conference rooms, printing, and networking opportunities.

Hybrid coworking spaces: Hybrid coworking spaces offer a mix of traditional coworking spaces and private offices. They offer the flexibility of a traditional coworking space, with the privacy and security of a private office.

Dedicated desks: Dedicated desks offer a dedicated workspace for individuals or small teams. They provide the benefits of a traditional coworking space, with the added security and privacy of a dedicated workspace.

Coworking communities: Coworking communities offer a shared workspace where members can work and collaborate with others, as well as access to a range of events and activities. They provide a more social and community-focused approach to coworking.

The popularity of coworking spaces is growing rapidly in India, with a diverse range of professionals taking advantage of their flexible and affordable solutions. Whether you're a freelancer, small business owner, remote employee, or large corporation, there is a coworking solution to meet your needs.

If you're in the market for a coworking space, consider NoBroker, India's leading proptech company. With a range of real estate services, including office space rental, NoBroker is the one-stop-shop for all your real estate needs.

Advantages Of Coworking Space

Coworking spaces may be a typical venue where individuals with different business ideas can join together and learn from one another, from meeting other business experts to collaborating on separate initiatives. Entering a coworking space entails chasing a new opportunity and being a member of a professional business community.

While there are other advantages, the following six are critical for every small or big company owner contemplating a relocation.

More Opportunities for Networking

One of the most significant advantages of a coworking space is meeting new people. If you operate from home or an independent office, you may be missing out on vital contacts that can help your company grow. Sometimes the only thing a small firm need is the spark that other successful business owners may provide.

Enhanced Productivity

This is particularly true for small company owners who operate from home. When we're at home, it's simple to get sidetracked. Children want our attention, the home must be cleaned or maintained, and individual tasks might arise at any time. By moving to a different location, you may establish a "work mode" that will boost productivity. In addition, many coworking spaces are open 24 hours a day, seven days a week, so you don't have to worry about when you need to get things done.

Increased Inventiveness

Coworking spaces may give bursts of inspiration by allowing you to collaborate with other people and expose yourself to different viewpoints. In addition, changing locations and going to a new workplace might help you renew your thoughts and discover alternate solutions to company difficulties.

Opportunities for Collaboration

This advantage is related to networking. Working in a coworking environment exposes you to both chance and opportunity. Who knows where a simple discussion may take you? Working close to others provides for speedy cooperation. You could be recruiting someone new before you realise it.

Cost-Efficiency

If you rent an office, you may have to deal with a slew of unexpected fees, particularly if your staff want benefits like free coffee, snacks, and (sometimes) drinks. Coworking spaces provide features like this for a flat monthly fee. They also offer several built-in business services, such as business mail, which may save you money in the long term. Before deciding on the best location for your company, think about what qualities you want. Small firms stuck in overpriced leases may find cost-efficiency a critical advantage.

Increased Adaptability

Many coworking spaces have very flexible lease terms. If you need to terminate your membership for whatever reason, there are typically flexible choices. As a result, it's an excellent business service to check out and see how you like it. You'll be OK if you have prior experience. If not, nothing is stopping you from terminating your subscription.

Coworking spaces enable you to break out of your comfort zone and get fresh insights, which may help you and your workers establish a more successful company. A pleasant and efficient office is critical to the success of any organisation. While there are several advantages, selecting the best coworking space might be challenging if you are unaware of the few drawbacks attached to this system.

Disadvantages Of Coworking Space

Here are five regrettable downsides of coworking spaces to discover a work structure that works for you.

Productivity Setbacks

One of the primary reasons remote employees join coworking spaces is to boost productivity; however, these facilities often have the opposite impact. This is because coworking spaces are often busy, loud, and distracting. While they might be excellent venues for brainstorming and networking, they are seldom suitable for hunkering down and getting work done.

Hassles And Annoyances Associated with Technology

Working outside of a well-connected corporate office will almost certainly need the use of high-tech equipment, gear, and software. While some modern coworking spaces are outfitted with cutting-edge technology, many fall behind at the cost of their members. You could be unhappy to realise that a coworking space's high-speed internet connection isn't as fast as stated, that you can't access the audio/visual equipment you want, or that no one is present to assist or answer your tech problems in an emergency.

Inadequate Privacy

Another downside of coworking is the loss of privacy. Working in a public setting with minimal privacy, for example, might leave you susceptible if your business rivals are also using the same coworking space. You may also find it challenging to preserve privacy and secrecy during phone talks with essential customers or to keep private information secure in public places. This might result in claims being brought against you, litigation, and expensive circumstances that you were not expecting.

Inadequate Infrastructure

Because many coworking spaces are new businesses, they may lack the necessary office infrastructure to be productive at work. This might include not having an ergonomic work desk and chair to keep you comfortable during the day, not having enough electrical outlets for your many gadgets, or not having appropriate illumination to keep you focused. In addition, unnecessary tension and distraction might be caused by a co-working environment that isn't maintained clean and neat. All of these infrastructural difficulties are related to the productivity drawbacks of coworking.

Zero Return for the Investment

While the marketing materials for a new coworking space may highlight the many perks available to its members, it's vital to remember that coworking spaces are for-profit businesses. The cost of a coworking membership varies substantially based on where you live and what services are offered. However, the hefty price of membership is sometimes not justified by the little return on your dedication and devotion.  Very rarely, would you see a free coworking space, particularly in big cities. 

Tips On Finding Coworking Space

Choosing a company site, even if it's simply a coworking space, is a vast choice, so it's essential to consider all variables and get feedback from your staff before signing up. For example, consider the following while searching for a coworking space:

1. The location

Make sure that the location of your coworking space is handy for all employees. Consider commuting time as well as the distance between you and your consumers, clients, and business partners. Furthermore, even if the price is a little cheaper in some sections of town, you'll want to select a safe place so that no one feels unsafe on their way to and from work.

2. The Facilities

Ask yourself and your workers what facilities you want in your coworking space and decide what you are ready to compromise on. For example, you may not want a coffee shop with various foods, but dedicated workstations with lockable cabinets and good internet are required. Make a list of your desires and requirements, and then look for a firm that meets both of them.

3. Economic viability

After considering the benefits mentioned above of a secure and accessible location and desired facilities, money should be included in the calculation. What firm or space offers the best value for money? It's sometimes worth it to spend a little more to invest in a place that inspires you, but deviating too far from your budget is never a brilliant idea. Find that sweet spot.

4. Occupants

It is said that a person's friends reveal a lot about them as a person; the same is true for coworking spaces and their occupants. Therefore, before you sign a contract, research other renters in the area to know who you'll be working with and what kind of atmosphere you'll be in.

5. Safety and Security

Of course, you do not want to skimp on security. Check that the area you chose includes secure wifi and locks for your desk, cupboards, lockers, and so on. Because you have no control over this, you'll need to pick a business that places high importance on your safety.

With so many alternatives available, you're sure to discover a coworking space that's ideal for your business. However, if you can still locate a coworking space that is a good fit, we have the options below.

Other Alternatives of Coworking

There are several benefits to coworking spaces, but it is essential to remember that coworking spaces are not for everyone. Here's a list of the top alternatives to coworking spaces to assist you in finding the appropriate work environment for you.

1. Desk on Rent

Many firms now rent out desk space if you work alone (as a self-employed person, a freelancer, or from home). Contact nearby companies and ask if they can provide you with a desk to rent. Even if they aren't advertising, they may have open office space, and if they do, they'll probably be pleased for someone to take up free space - especially if it means an additional source of money for them!

2. Services office

A serviced office is comparable to a coworking space in that you will have your independent facilities – often an entire floor – to yourself. Serviced offices provide everything you could need while working, making them suitable for new enterprises that might not be able to afford to rent a workspace and pay for overheads on their own. These workplaces are often mutually advantageous since they enable businesses to rent out unused space in their building.

3. Share Modest Office Space with Like-Minded People

If you know any freelancers, microbusinesses, or individuals who work from home, check if they would like to share a modest workspace with you. It will not only save you money, but it will also ensure that you are surrounded by individuals you know, get along with, and can trust. Many individuals in your industry may be in the same position as you to find a suitable alternative coworking place!

4. Establish Your Own Office Space

This one seems to be a lot of labour, but it isn't. Why not do it yourself if you have an outbuilding, a garage, or know of any property for sale near where you live? Working from home may be challenging, whether you struggle to concentrate, want to keep your professional and personal lives separate, or just need a change of scenery. Having your own office space allows you to personalise your work environment and distinguish your professional and personal lives without having to go too far away from home.

5. A Coffee Cafe

Working from coffee shops has numerous advantages, such as not having to pay rent or expenses, getting a change of scenery, avoiding the loneliness that frequently comes with working from home, and so on. However, as an alternative to a coworking space, this work environment has several limitations. Coffee shops are often noisy, distracting, and highly public places, not to mention the poor internet that is frequently available and the constant urge to purchase coffee and sugar-filled beverages and pastries. This workplace may suit certain people, but it is unlikely to be the most fabulous full-time office substitute.

6. The Neighbourhood Library

Working at a library is a terrific option for individuals looking for assured peace to get their work done. Furthermore, it saves money. Who could say no to free Wi-Fi , no administrative expenses, and free resources? However, there are certain drawbacks to working in this setting. For example, let's assume you need to take a business call, want to grab a snack, need to talk with a client in person, or need to work on a private network. Sorry, but you won't find it in the library. These constraints might make working from a library less ideal than working from a regular workplace, but that doesn't mean they don't come in handy now and again!

Now that you know all there is to learn about shared office space benefits, you must have understood why coworking spaces are so popular. People get to work in a dynamic environment in tandem with people with similar interests and goals. This helps channel the workflow better and invokes new ideas essential in the startup culture. The recent rise of startups in the country has also led to increased shared office spaces. To know more about changes in modern work cultures worldwide, visit our blog section. Are you interested in designing a dynamic workspace? Contact NoBroker interior designers to help you. They will guide you through various design options that suit your budget and preferences. So, when are we getting a call?

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